Analysis: Libor is important benchmark and must be fixed

It is crucial that the British Bankers' Association reform the London Interbank Offered Rate, an important indicator in global finance, to ensure it is beyond manipulation and can be trusted again, according to The Economist. "[T]he BBA should revamp LIBOR to ensure it is simple, transparent and accountable," the magazine notes. "These principles suggest LIBOR should be based on actual inter-bank lending, with any gaps filled in with the help of statistical techniques."